SpaceX Assembles 21 Banks for Its “Project Apex” IPO Valued at $1.75 Trillion

TLDR

• SpaceX is collaborating with 21 financial institutions on its initial public offering (IPO), internally referred to as “Project Apex.”
• The public offering is anticipated to occur in June 2026, with an estimated valuation of $1.75 trillion.
• Key financial firms serving as lead bookrunners for the IPO include Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America, and Citigroup.
• SpaceX aims to secure $75 billion through the offering, potentially allocating up to 30% of its shares to individual investors.
• The company forecasts its revenue to reach $20 billion in 2026, primarily driven by its Starlink satellite internet service and rocket launch operations.

(SeaPRwire) –   SpaceX is gearing up for what is expected to be a highly anticipated stock market debut. The company, under the leadership of Elon Musk, has assembled a consortium of 21 banks to manage its upcoming initial public offering, internally codenamed “Project Apex.”

SpaceX has reportedly lined up 21 banks to manage its IPO, internally codenamed “Project Apex” https://t.co/vduTswFqx9

— WOLF (@WOLF_Financial) April 1, 2026

The IPO is slated for June 2026. With a projected valuation of $1.75 trillion, this would mark the highest valuation ever for a private company going public.

SpaceX intends to raise $75 billion from this offering, positioning it as one of the largest IPOs in the history of the stock market.

Five major financial institutions have been appointed as lead bookrunners for the transaction: Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup. These firms will oversee the primary aspects of the offering.

An additional 16 banks have been engaged to provide support in various capacities. The complete list of participating banks includes Barclays, Deutsche Bank, Wells Fargo, UBS, Royal Bank of Canada, Societe Generale, Banco Santander, ING Groep, Macquarie, Mizuho, BTG Pactual, Allen & Co, Needham & Co, Raymond James, Stifel, and William Blair.

The extensive network of banks involved underscores the significant scale of this IPO. For context, Arm Holdings, a semiconductor designer, utilized nearly 30 banks for its 2023 IPO, and Alibaba similarly assembled a large group for its 2014 listing.

These 21 banks will share responsibilities across different investor segments and geographical regions, catering to institutional investors, high-net-worth individuals, and retail participants globally.

A notable aspect of this IPO is Elon Musk’s intention to make up to 30% of the shares available to retail investors, a significantly higher proportion compared to the typical 5% to 10% allocation for individual investors.

SpaceX Financials and Revenue Drivers

SpaceX’s revenue streams are primarily derived from two core business areas: its rocket launch services and its Starlink satellite internet service, which currently boasts over 10 million subscribers.

The company serves a diverse clientele, including NASA and major satellite operators such as EchoStar, Viasat, Intelsat, and Telesat. Revenue is projected to reach $20 billion in 2026.

SpaceX has also recently completed a merger with xAI, Elon Musk’s artificial intelligence venture. The xAI segment currently contributes less than $1 billion in revenue, and its $17.5 billion in debt is expected to be fully settled prior to the IPO’s conclusion.

What Comes Next for the IPO

Elon Musk has scheduled an investor briefing for April to address inquiries regarding the offering. Details are expected to encompass valuation, future strategic plans, and financial performance.

SpaceX has not yet responded to a request for comment. Several of the involved banks, including Goldman Sachs, JPMorgan, and Wells Fargo, have declined to comment.

The current IPO plan remains subject to potential adjustments, and additional banks may be incorporated into the syndicate before the scheduled June listing.